fbpx Leave a gift in your Will to The Passage

Leave a gift in your Will

By leaving a legacy gift, you will help to ensure that The Passage is always there for the most vulnerable people in our community.

We are located in the heart of Westminster, where homelessness rates are at their highest in London. With the statutory grants we receive only providing part of the finance needed to run our services, your support is needed now more than ever.

Each year, we depend on the continuing generosity of our donors to raise the funds we need, with legacy donations (gifts in a will) becoming a very important part of our funding. This additional source of income plays a significant role in our life-changing work, helping those who are less fortunate than ourselves.

For more information, please read our FAQs.

Why should I make a will?

Making a will is the way of ensuring that your assets will be applied as you wish after you die. It enables you to make specific provision for the people or the causes you care about. It is generally a simple process, but it is advisable to consult a solicitor or other suitably qualified person.

How much does it cost?

For a simple will most solicitors will charge only a modest fee. The Passage has access to firms of solicitors that would be able to assist if necessary. For further information, please get in touch with our Supporter Care Team.

How often should I review my will?

If there are major changes in your personal or financial circumstances (such as births, marriages or deaths in the family, retirement, inheritance, etc), you should consider whether your will still reflects your wishes.

A general review every five to ten years is, in any case, advisable. Note that the marriage of a person automatically revokes any pre-existing will unless it was specifically made in contemplation of the marriage.

How do I change my will?

Making a new will automatically revokes any previous will. For simple changes, such as adding or varying a gift to charity, all that is needed is an amendment by a short document, known as a “codicil” (as seen on page 6). Once complete, you should keep it in a safe place with your existing will.

What are the formalities?

To be valid, your will and any codicil must be in writing and signed by you in the presence of two witnesses who must also sign as witnesses. The witnesses should be independent of you and of each other and should not be beneficiaries under your will or executors (or spouses of either); if they were, your will would still be valid, but they would not be able to inherit or act as executors. A will and a codicil must also be dated and, ideally, should state whether previous wills are revoked.

In what way can I make a gift to The Passage?

There are three simple ways you can make a gift to The Passage:

1) a specific sum, e.g. £5,000;

2) proceeds of the sale of specific assets (property, jewellery, investments, etc); since The Passage has no convenient facility for realising such items it is best to stipulate that your executors sell the specific assets and give The Passage the proceeds of sale; and

3) a percentage or fraction of the residual estate (what is left after provision for all expenses and legacies). This is a particularly valuable way of supporting The Passage after you have made provision for your beneficiaries. This means your estate value changes, the proportion we receive remains the same.

Will my gift to The Passage be tax free?

The Passage is a registered charity, so all gifts made to us are free from inheritance tax.

Certain other gifts on death (such as between spouses domiciled in the UK) are also free from UK inheritance tax. In addition there is a general “tax-free” band of £325,000 for gifts, which would otherwise be chargeable. Above this, all chargeable gifts are taxed at 40%.

Under provisions that came into effect from 5 April 2012, if more than 10% of an estate that would otherwise attract inheritance tax is left to charity, the rate of tax on the rest of the chargeable part of the estate is reduced to 36%.

If, therefore, you are considering making significant donations to charity, it would be worth considering whether these would take you over the 10% threshold. If your estate is likely to be affected by inheritance tax, we recommend you speak to a solicitor who is an expert in tax planning for their advice.

The Passage is pleased to help, although more complex cases may require professional advice